World Cup 2023 and Indian Economy: World Cup 2023 is at its last stage. This Mahakumbh of cricket will conclude today with the final match in Ahmedabad. Whether Team India wins the trophy here or not, India’s economic development has definitely gained momentum. It was estimated that this entire event would give a total boost of Rs 22000 crore to India’s GDP. Now, the way this entire World Cup has gone, it seems likely that this prediction will be correct.
Bank of Baroda had released a report even before the start of the World Cup 2023. In this report, detailed details of the economic benefits to India of hosting the World Cup were presented. Here there was mention of benefits to many sectors like India’s aviation industry, media, hotels, food industry and delivery services.
Which sector will benefit how much?
According to the BOB report, the Indian economy is expected to bring in Rs 1,600 to 2,200 crore from ticket sales of World Cup matches and Rs 10,500 to 12,000 crore from sponsorship and TV and digital rights. The contracts for TV and digital rights are for a long time but a major part of their auction value comes only due to tournaments like the World Cup.
Along with this, there is a possibility of bringing Rs 150 to 250 crore from the travel expenses of the teams and their staff, Rs 450 to 600 crore from foreign tourists and Rs 150-250 crore from domestic tourism into the Indian economy. Rs 300 to 500 crore is also expected to come from domestic cricket fans, who travel from one place to another in their vehicles to watch the match and stop at various places to eat and drink.
If the expenses of event management, volunteers and security are also included during the World Cup, it is expected to reach Rs 1,000 crore. 100-200 crores are also to be earned from the sale of sports merchandise. After this, the biggest portion comes from food and drinks ordered from food apps during the screening of matches at restaurants and cafes and by cricket fans watching the matches at home. This is likely to bring Rs 4,000 to 5,000 crore to the Indian economy. Thus, according to an estimate, Indian GDP is expected to get a total boost of Rs 18 to 22 thousand crore from the World Cup 2023.
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